Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP John P. Babcock Sells 3,000 Shares

Peapack-Gladstone Financial Co. (NASDAQ:PGC) EVP John P. Babcock sold 3,000 shares of the company’s stock in a transaction dated Monday, November 4th. The stock was sold at an average price of $32.29, for a total transaction of $96,870.00. Following the transaction, the executive vice president now owns 49,155 shares in the company, valued at approximately $1,587,214.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Peapack-Gladstone Financial Stock Up 1.9 %

Shares of NASDAQ PGC traded up $0.60 during trading hours on Tuesday, hitting $32.60. The company had a trading volume of 25,708 shares, compared to its average volume of 92,890. Peapack-Gladstone Financial Co. has a 1-year low of $20.30 and a 1-year high of $34.10. The firm’s 50 day moving average is $28.44 and its 200-day moving average is $25.45. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $576.37 million, a P/E ratio of 17.68 and a beta of 0.96.

Peapack-Gladstone Financial (NASDAQ:PGC) last posted its earnings results on Tuesday, October 22nd. The financial services provider reported $0.43 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.06. The company had revenue of $102.14 million during the quarter, compared to analysts’ expectations of $58.24 million. Peapack-Gladstone Financial had a net margin of 8.12% and a return on equity of 5.60%. On average, analysts expect that Peapack-Gladstone Financial Co. will post 1.82 earnings per share for the current fiscal year.

Peapack-Gladstone Financial Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Thursday, November 7th will be paid a $0.05 dividend. The ex-dividend date is Thursday, November 7th. This represents a $0.20 dividend on an annualized basis and a yield of 0.61%. Peapack-Gladstone Financial’s dividend payout ratio (DPR) is 11.05%.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PGC. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Peapack-Gladstone Financial by 68.4% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,324 shares of the financial services provider’s stock valued at $75,000 after buying an additional 1,350 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Peapack-Gladstone Financial by 90.4% during the 1st quarter. BNP Paribas Financial Markets now owns 8,399 shares of the financial services provider’s stock valued at $204,000 after purchasing an additional 3,987 shares in the last quarter. Algert Global LLC purchased a new position in Peapack-Gladstone Financial during the 2nd quarter valued at about $209,000. Sei Investments Co. bought a new stake in Peapack-Gladstone Financial during the 2nd quarter valued at about $214,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Peapack-Gladstone Financial during the 2nd quarter valued at $223,000. Institutional investors own 72.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PGC shares. Keefe, Bruyette & Woods restated an “outperform” rating and set a $32.00 target price (up previously from $28.00) on shares of Peapack-Gladstone Financial in a research report on Monday, July 29th. Piper Sandler upgraded Peapack-Gladstone Financial from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $30.00 to $35.00 in a report on Wednesday, October 23rd.

Peapack-Gladstone Financial Company Profile

Peapack-Gladstone Financial Corporation operates as the bank holding company for Peapack-Gladstone Bank that provides private banking and wealth management services in the United States. The company operates in two segments, Banking and Peapack Private. It offers checking and savings accounts, money market and interest-bearing checking accounts, certificates of deposit, and individual retirement accounts.